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WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ended Sept. 21 show the composite index increased 20.5% on a seasonally adjusted basis from the previous week to 771.1. On an unadjusted basis, the application index increased 20.6% and was up 128.7% versus the same week a year ago.

Refinancing activity represented 66.7% of total applications, increasing from 63.1% the previous week. Adjustable-rate-mortgage activity decreased to 10.3% from 10.9% the week prior. The average contract interest rate for 30-year, fixed-rate mortgages was 6.52%, decreasing from 6.63% the previous week, with points remaining the same at 1.27, including the origination fee for 80% loan-to-value ratio loans. The survey, which has been conducted since 1990, covers about 40% of all U.S. retail residential mortgage originations.

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